Wednesday seek buyer

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The Owls, who have reported debts of £27million, confirmed last week they had "not at this time received any offer proposal from any party that is sufficiently clear or developed".

A further club statement released on Wednesday read: "The board continues to be open to dialogue with any bona fide offeror and is working to develop any acceptable proposal such that it can be presented to the company's shareholders for their consideration."

It continued: "While certain discussions are still ongoing, there can be no certainty that a formal offer to shareholders will be forthcoming.

"As a result, the board have now requested that its financial adviser, Deloitte & Touche LLP actively seek a buyer that shares the board's vision for the long-term success of the club."

The statement added: "There is no certainty that such a party will be found at this time.

"The company will keep shareholders informed as to progress with this process as appropriate."

The Owls announced in February that they had been approached by a consortium headed by Lancashire-based businessman Geoff Sheard.

A second consortium, fronted by former Boston chairman Jon Sotnick, have been reported to be ready to make their own bid to purchase the club.

Wednesday have been involved in a season-long struggle in the Coca-Cola Championship and avoided relegation to League One for a second time in five years with a last-day win over Norwich.